REAPER is a powerful but sensible Windows application designed for the recording, arrangement, editing, mixing and rendering of audio. REAPER provides a flexible but easy to use interface that is equally suited to amateurs and professionals alike.
REAPER versions 0.4-0.99 are freeware, but starting with version 1.0 the license will change to very reasonably priced (with amateur and professional rates/support) uncrippled nag-free shareware, supporting unexpiring full functionality in unregistered form.